Crypto ATM market contracts as Arizona refunds highlight global regulatory crackdown

Arizona has managed to reimburse cash amounting to $171,332 to 35 victims of crypto ATM scams as per a refund law, enacted last September, which is part of a crackdown on cash-to-crypto conversions prevalent in the United States and elsewhere.

The change is clear in the machines themselves. Data from Coin ATM Radar reveal that the number of crypto ATMs worldwide has dropped from its peak of 40,072 units in December 2022 to 27,524 units on August 13, 2026, a decline of 31.3%. The decline in the US is more severe, with the number of installed machines decreasing from a high point of 35,037 units in August 2022 to 19,754 units on August 12, 2026, a drop of 43.6%.

This happens even as Fortune Business Insights states that the global crypto ATM market was worth $356.72 million in 2025 and that the market will grow at a CAGR of 54.8% until the year 2034. North America contributed to 88.7% of the revenue in 2025, which makes US government regulations crucial for the future of the industry.

How Arizona is clawing money back

Arizona Attorney General Kris Mayes has stated that her office has arranged for full refunds of 35 victims who had registered their complaints within 30 days.

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